section 53310 of this title26 U.S.C. 537(a)For any taxable year, amounts on deposit in a construction reserve fund on the last day of the taxable year, for which the requirements of have been satisfied (to the extent they apply on the last day of the taxable year), are deemed to have been retained for the reasonable needs of the business within the meaning of section 537(a) of the Internal Revenue Code of 1986 ().
Pub. L. 109–304, § 8(c)120 Stat. 1589(, , .)
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Historical and Revision Notes |
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Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
53309 | 46 App.:1161(f). | June 29, 1936, ch. 858, title V, § 511(f), as added Oct. 10, 1940, ch. 849, 54 Stat. 1107. |
26 U.S.C. 537(a)26 U.S.C. 531The words “are deemed to have been retained for the reasonable needs of the business within the meaning of section 537(a) of the Internal Revenue Code of 1986 ()” are substituted for “shall not constitute an accumulation of earnings or profits within the meaning of section 102 of the Internal Revenue Code” because section 102 of the Internal Revenue Code of 1939 has been superseded by part 1 of subchapter G of chapter 1 of the Internal Revenue Code of 1986 ( et seq.). See also 46 C.F.R. § 287.16 (2003).